AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- THE RHODE ISLAND CENTER FOR EMPLOYEE OWNERSHIP

HB 7570 establishes the Rhode Island Center for Employee Ownership (RICEO) to help small businesses transition to employee-owned models. The center, housed under the state’s business development office, provides referrals to legal/financial resources, partners with organizations to promote employee ownership benefits, and creates an inventory of existing employee-owned businesses (like worker cooperatives and ESOPs). It directly affects small business owners nearing retirement (56% are 55+ in RI) and their employees by offering support for succession planning. Key mechanisms include technical assistance, outreach programming, and measuring business stability outcomes. The bill does not create new taxes or regulations but coordinates state resources to address small business succession challenges.